Duke Energy Tops Estimates as Q3 Adjusted EPS Hits $1.99, Revenue $9.10 Billion

Duke Energy (NYSE: DUK) reported third-quarter revenue of $9.10 billion, above the $8.97 billion analysts expected, and adjusted EPS of $1.99 against the $1.86 consensus estimate, in an 8-K filed Wednesday. Reported EPS matched adjusted EPS because the company excluded no special items from the quarter.

Revenue rose from $8.54 billion a year earlier, and EPS rose from $1.81. Net income available to common stockholders was $1.55 billion, compared with $1.41 billion in the third quarter of 2025.

Segment results

Electric Utilities and Infrastructure recorded segment income of $1.82 billion, up from $1.66 billion a year earlier. The company said recovery of infrastructure investments in its growing jurisdictions and favorable weather drove the gain, partly offset by higher depreciation, minority interest impacts and higher interest expense.

Gas Utilities and Infrastructure posted a loss of $19 million, narrower than the $26 million loss a year earlier, mainly on lower operating and maintenance expense. The Other segment's loss widened to $247 million from $225 million, which the company attributed to higher captive insurance claims and lower returns on investments.

The consolidated reported effective tax rate was 15.3%, up from 10.8%, primarily because of a decrease in the amortization of excess deferred income taxes.

Guidance and buildout

Duke narrowed its 2026 adjusted EPS guidance range to $6.70 to $6.80. The full-year consensus estimate is $6.72, with a range of $6.64 to $6.80. The company said its strong year-to-date performance positions it to deliver results near the top end of the range.

The company reaffirmed long-term adjusted EPS growth of 5% to 7% through 2030, measured from the 2025 guidance midpoint of $6.30, and said it expects to earn in the top half of the range beginning in 2028. Chief Executive Harry Sideris said the company is executing a record generation build to add 16 gigawatts of capacity by 2031.